Yes, Reverse (L) gets connected to ground for reverse, which is of course only at partial speed.
There has been much talking about Regen and how the newer version controller seems to lack it (apparently 'X' is wheel lock), so I never attempted. Today I was riding along at ~65km/h (delta mode) down a small hill when I came up on a red light. I started to engage my rear brake and immediately heard crunching and then metal dragging. I stopped and looked back at the hub motor and realized the drum brake housing got spun around the motor, completely tearing it in half and destroying my rear brakes (the front brakes barely work to make matters work). I luckily had tools on me at the time and removed the rear wheel and took out the floating (scraping) brake pads. At least it rode smoothly, but there was absolutely no stopping power, a very dangerous thing in Toronto.
I decided that I had to figure out the regen on this controller, otherwise it was back to a 60v max (63v caps) 1000w controller with regen stock. I pulled the controller out and wired up a bunch of pads. I ended up with pad 'X', reverse, speed limiter, and cruise. I tested the X pad and it seemed as though it was just a wheel lock, which was discouraging. The real question is this, which way is the current flowing when the motor is running and when X is engaged. I put the bike on its stand and I hooked up an Ammeter to the positive battery line and the controller power input. When I applied power to the motor, the ammeter showed a negative number from 1 to 8 amps no load, but when I engaged X, the value changed to a positive reading, between 0 and 2 amps, although the current would be higher if the speed was being maintained by the momentum of the vehicle and rider. This concludes that
'X' is indeed Regenerative Braking WAHOOOOO. 
I'm just not exactly sure how the wheel is locked so solidly, I will take measurements real world (loaded) tomorrow to verify my findings.
I ended up removing the brake line and rewiring the rear brake handle for regen. Now my front brake is independent of regen, as using the front brake will not activate regen.
It got dark before I was able to completely reassemble the bike, so I will do it in the morning, give her a spin, and report back.